Understanding the Price of Art: For Both Artists and Collectors

Emerging artists want to know how to get started when they don’t have a track record, and established artists wonder if their prices are where they should be. Conversely, are collectors able to Understanding the Price of Art? And are these prices affordable? wants to know.

It may seem to collectors that artists are all over the map when it comes to pricing, causing them to wonder if what they’re buying is worth it.

Collectors buy an item—yes, a piece of art they fall in love with—but it’s a luxury, so they also compare your prices to other things they need or want. Once collectors start doing some mental math and making comparisons, you can bet they’ll second guess you and themselves.

So how do you keep collectors from second-guessing themselves right after a purchase?

There’s a lot to cover in pricing, but here are a few tips to help you understand how to price your artwork (or why a piece of art is priced a certain way).

Make pricing meaningful to collectors (and non-collectors).
The art world is notoriously opaque. Let’s face it, we love to surprise. The art world provides an endless well of secrets that can be exploited.

Artists, Here’s the Method

Collectors are smart people. We know they are smart because they like art. Their friends also know that they are smart. Their friends are also smart, but they do not need to be interested in art, which means they are not as smart as collectors.

So these non-collectors are trying to hide that they are not interested in art and prefer to spend their money selfishly on themselves (joking… sort of… they don’t actually read this, they’re not kidding). And non-collectors who do not devote time and energy to learning art try to hide this lack of understanding by making fun of the art chosen by their collector friends.

It’s not nice. But it always happens.

Besides the obvious solution to making new friends, the collector needs access to more information about you and what you do, as well as solid intelligence on how to price your work.

Basic rules for pricing your artwork
In summary, please comply with the following:

It is impossible to understand the price of art based on the time it took you. Some parts take a ridiculous amount of time, others just flow. This is the life of an artist; You learn to win victories through struggles.

DO NOT judge what you just produced by how much you like it. You will produce something you love even more. Maybe not tomorrow or next week, but you will. Let go and trust the process.

DO NOT price according to what other artists of the same age, socio-economic or educational level have priced their work. This is not a race. Wish them well and get back to work.

NOW, price consistently by the square inch. (Dead artists, wait, we haven’t reached you yet.)

Here’s Mathematics…

Yes, we hear you, you went to school for art, not math. Don’t worry, it’s not fancy here.

Here are a few steps to figuring out how to price your artwork per square inch:
Calculate the square inches of your image (height x width). For example, 8 x 10 = 80 square inches. Simple.
Assign a dollar amount. (From now on we also help you figure it out).
Here’s what happens when you choose a quantity for each size image you create and stick with it.

8 x 10 inches = 80 x $5/in² = $400

16 x 20 inches = 320 x $5/in² = $1,600

30 x 40 inches = 1200 x $5/in² = $6,000

The small ones are a little low, the big ones are a little high.

Consider a sliding scale when pricing your artwork by square inch
As you adjust your pricing by assigning a higher square inch price to smaller jobs and reduce that amount as you grow, you begin to feel a fairer computation.

And for many artists, this comes a little closer to paying an hourly wage, because it takes time to produce art no matter what size you’re working in.

For example, setting pricing on a sliding scale looks like this:

8 x 10 inches = 80 x $10/in² = $800

16 x 20 inches = 320 x $7/in² = $2,240

30 x 40 inches = 1200 x $5/in² = $6,000

How to start pricing your artwork when you’re an emerging artist.
What’s our best advice for those who haven’t started selling your work?

(And no, sales to friends and family don’t count, sorry).

Sell fast at low prices and use the revenue to buy more supplies.

That’s how easy it is to understand the price of art with mathematics.

Here’s Why

When you overvalue your first work – yes, it took you a long time and you are proud of groundbreaking pieces – buyers don’t understand why beginner’s work is so expensive compared to established artists.

The next thing you know is doing collector comparisons. Result: no sale.

Same with resellers and curators. If you price your work too high, your work will be judged by what’s out there, but when you check your achievements and see if they match the asking price, we know you have an unrealistic understanding of your work – and it will. We’ll probably be offended if we bring up the subject of prices. So we have a tough pass.

The other really important thing about selling business at affordable prices when you’re just starting out is that you won’t have a backlog of inventory.

That means you won’t be holding on to that great job, the greatest of all time. Because when you hold on to the best thing you’ve ever done, he’ll stand in your studio and mock you. It will whisper: You will never do anything better. Give up. It won’t work to continue.

TIP: Instead of getting hung up on your favorite pieces, document them thoroughly. Protect them with high quality photos, setup shots, detail shots and multiple angles. Pictures are often more valuable than business as you can save and use these photos for publicity. You can store all your high-quality photos along with information about them, so you can capture your artistic legacy and track your progress throughout your art career.

When is it time to give yourself a raise for your artwork?
There are a few factors to consider before raising your prices.

Consider getting a 10% increase every 1-2 years. This is a small enough amount to go unnoticed and not scare people away, but large enough that collectors can see their “investment” in you increase.
Check the economic forecasts. If we go into a recession, maybe we can delay it for another year.

Can I set gallery commissions?
Simply put, it’s a big no.

Think of your business and the prices you quote like any other commodity. There is a price he trades for, which is listed on shows, wall stickers, and websites, so it can be verified.

Collectors will verify your prices. If they find that prices are higher in one place and less in another, two very bad things will happen.

First, buyers will browse your galleries and exhibitions and call you directly. Dealers hear this all the time and you’ll say, “Oh, I was warned about that!” They kick you out of their world faster than you can say. On top of that, you are now in a position to market and sell yourself when you really have to make art in the studio.

Second, you have devalued your work to the lowest number listed wherever your work is for sale. Why would anyone pay more?

Remember, collectors don’t always know why something is priced, but they are smart enough to know when something looks suspicious. There are too many great artists that are consistent with their prices; collectors don’t have to go through the hassle of finding a pricing system that doesn’t make sense.

Framing and other considerations for pricing your artwork
Instead of setting your prices by frame, choose frames that are roughly 10-15% of your retail price for that job.

For example, a $1000 table should have a frame that costs you $100-$150.

Supply and Demand

Among all the works of the artist, was this work an important piece, that is, a seminal piece that was an important turning point in the artist’s career?

The quality of the work. Is there any damage, has it been maintained etc.

Prestige.

Exhibitions, awards, honors, etc. for the work and the artist.

Collectors considering purchasing historically significant works are advised to work with an art consultant or go to a trusted gallery. There are too many fakes. A consultant can help you find and buy jobs within your budget and with the pedigree you want for your investment.

Artists create a post-art life insurance policy through documents

Artists, this is important;

When you are disconnected from this life, dealers and collectors will be the judge and jury of your work using the criteria above.

In the Artworks Archive you can keep records of your artworks, including all high-quality images, information about that art, and the origin of each work of art (including exhibition date, sales, collections, and publications). Cataloging your own artwork ensures that the value of the work is maintained over time.

Things that hurt the secondary market valuation of art:

Bad auction sales.

Lack of visibility at national demonstrations.

There is no catalog or other critical writing about your work.

Here are some things you should do now to support the evaluation of your business and increase your prices:

Write something about the job that is important to you. You can do this on the arthipo.com platform.

Try to get your best work into major exhibitions so these pieces have a record.

Work with galleries to ensure leading collectors have access to important works purchased.

Look for museums to collect your work, even if it means a discount or donation.

Understanding the Price of Art